Erfan Maruf, Jakarta – Indonesia's national police have raided the Jakarta office of Islamic fintech lender Dana Syariah Indonesia (DSI) as part of a criminal investigation into alleged fraud, embezzlement, falsified financial reports and money laundering, authorities said.
Investigators from the Economic and Special Crimes Directorate of the National Police's Criminal Investigation Agency searched DSI's office at Prosperity Tower in the SCBD business district on Friday to secure evidence linked to the case.
Ade Safri Simanjuntak, the director of the unit, said the company is suspected of misusing funds provided by lenders by channeling them to purposes that did not match the stated investment projects. Police allege DSI employed fictitious schemes, including reusing the names and data of existing borrowers without their knowledge.
"Active borrower names and data were reused and attached to projects suspected to be fictitious, which were then offered through DSI's digital platform," Ade Safri said.
The investigation began on Jan. 14, 2026. Police have so far questioned 28 witnesses, including lenders, borrowers, DSI management, and officials from the Financial Services Authority (OJK). Eighteen of the witnesses are current or former DSI employees.
Authorities have seized documents, correspondence and electronic evidence allegedly related to false financial reporting. Several bank accounts belonging to DSI, including escrow accounts, affiliated companies and individual accounts, have been frozen as part of the probe.
Based on findings by the OJK, the alleged scheme may have affected around 15,000 lenders, with estimated losses reaching Rp 2.4 trillion ($142.5 million). The suspected crimes are believed to have occurred between 2018 and 2025.
Police are coordinating with the Attorney General's Office, the Financial Transaction Reports and Analysis Center (PPATK) and the Witness and Victim Protection Agency (LPSK) to trace fund flows, identify assets and explore restitution options for victims.
"The investigation will be conducted professionally, transparently and accountably until suspects are identified," Ade Safri said.
Separately, OJK officials said the regulator has been mediating between DSI management and lenders since October 2025. Agusman, head of supervision for financing institutions at OJK, said the authority placed DSI under special supervision on Dec. 2, 2025, and continues to examine its transactions and regulatory compliance.
OJK is also reviewing the company's audited financial statements from 2017 to 2025 and conducting asset tracing to assess DSI's ability to repay lenders. The freezing of accounts was ordered by PPATK to support the investigation, though the duration of the freeze remains unclear.
According to information on DSI's official website, the company has disbursed Rp 3.87 trillion in financing since its establishment in 2017, collecting funds from more than 41,000 lenders and extending loans to 1,440 borrowers.